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What accounts for the unrivalled practical success of market capitalism?  

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mailshot | Student, Undergraduate | eNotes Newbie

Posted July 10, 2012 at 2:51 PM via web

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What accounts for the unrivalled practical success of market capitalism?

 

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pohnpei397 | College Teacher | (Level 3) Distinguished Educator

Posted July 10, 2012 at 3:07 PM (Answer #1)

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Market capitalism has succeeded because it gives people what they want.  It does this in two ways.  First, it allows people to do what they want with their property and their talents.  It does not force people to do certain things like a command economy does.  Second, it gives consumers the things that they want.  Market capitalism ensures that the greatest possible variety of goods and services will be available for the best possible prices.  The goods and services will also be of the best possible quality.  All of this happens because of competition between producers.  Thus, market capitalism fulfills the desires of both producers and consumers.

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